During the tax year, John earned $50,000 of W-2 income from an S corporation in which he invested $2,000. The S corporation showed a loss in 2022, and his share of loss was $10,000. His loss, which was from an activity subject to the at-risk rules, is allowed to what extent?

a) In full

b) Not at all

c) To the extent of John's income

d) To the extent of John's investment in the activity at the end of the tax year